Expenditure incurred for IPO, subsequently aborted, allowable being revenue in nature: ITAT

Indus Biotech Limited Vs ACIT (ITAT Pune) In the matter abovementioned ITAT deleted addition made on account of expenditure incurred for initial public offering (IPO) which was subsequently aborted. ITAT held that this expenditure is allowable being revenue in nature. Assessee engaged in manufacturing of botanical drugs, exercise physiology, active botanical ingredients and animal nutrition / pet health, etc. Assessee  filed its return at Rs.27,61,96,070/- u/s 139 (1) and Rs.66,04,43,182/- u/s 115JB. CPC issued an intimation u/s 143(1) wherein the various adjustments were made to the income o...